Siemens: shareholders approve spinoff of energy division
(CercleFinance.com) - Siemens shareholders on Thursday voted to advance the German conglomerate's plans to spin off its energy assets into a separate publicly traded entity.
At a virtual shareholder meeting, due to the coronavirus crisis, the plan was approved by a huge majority of 99.4% of the capital stock represented.
Siemens said 61.9% of its capital was represented at the event.
The industrial group said it will now accelerate preparations for the listing.
Siemens Energy plans to hold a capital market day on 1 September, with the IPO planned for 28 September.
After the spin-off, Siemens will focus on its digital industries, smart infrastructure and mobility businesses.
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